Wegagen Bank Overtakes Dashen in Paid Up Capital

Wegagen Bank has recorded a high rise in its paid up capital at 1.7 billion Br. This is remarkably high compared to last year’s 1.4 billion Br.

However, its share premium has stayed the same as last year at 25 million Br.

Wegagen has taken the rank of highest capital from Dashen Bank, which reported 1.49 billion Br in capital – meaning Wegagen’s total is 14pc higher.

Wegagen is 300 million Br short of reaching two billion birr – the mark set by the National Bank of Ethiopia for banks to achieve by 2020. It has also reported a profit of 375.6 million Br in the last year – a 6.6pc increase from the previous year.

At the same time, the assets of the company showed a 17.5pc rise to 16.1 billion Br.

Wegagen Bank was established in 1997, with 16 founding members and an initial capital of 30 million Br. Currently, it has 2,349 shareholders and a network of over 170 branches.